×

NetApp shares spike up 8% after earnings beat

George Kurian, chief executive officer of NetApp Inc.
David Paul Morris | Bloomberg | Getty Images
George Kurian, chief executive officer of NetApp Inc.

Share of NetApp climbed nearly 8 percent on Thursday after releasing second quarter earnings that topped Wall Street expectations.

NetApp reported earnings of 60 cents per share for the second quarter fiscal year 2017 on Wednesday, beating analysts' estimates of 54 cents per share, according to a consensus estimate from Thomson Reuters.

However, the data management company slightly missed Wall Street's revenue expectations, reporting revenues of $1.34 billion compared to analysts' projections of $1.36 billion.

Despite the revenue miss, NetApp beat on the bottom line, predicting its third quarter fiscal year 2017 projections above analysts' consensus.

The company predicts its non-GAAP earnings to be between 72 cents per share and 77 cents per share on revenue of $1.33 billion to $1.48 billion for the third quarter. Meanwhile, analysts were expecting earnings to be around 65 cents per share on revenue of $1.36 billion, according to a consensus estimate from Thomson Reuters.

Netapp closed on Wednesday at $34.73 a share.

NetApp 5-Day Performance


Correction: This story has been updated to correctly reflect NetApp's ticker.